It is important for Sacramento residents to recognize the value of obtaining the advice of an experienced and qualified estate planning attorney. Your estate planning attorneys is there to guide you through the myriad of choices available in planning for the future. An experienced estate planning attorney can help you to fully understand how to make your wishes and goals for your family become a reality. If you have an estate planning attorney, you should develop a relationship with him or … [Read more...] about What Can Your Estate Planning Attorney Do For You?
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Retirement Planning Tips
Retirement is meant to be relaxing, but the thought of retirement for some may instead be stressful. A common concern many clients have is whether they will have enough money saved to be able to have a comfortable retirement. Clients often wonder when they need to start saving and what is the best strategy. If you let your elder law lawyers help with your retirement planning, you should be able to avoid most of the common mistakes. Be sure to put away sufficient savings It is simply a … [Read more...] about Retirement Planning Tips
Planning for Retirement Plans and IRAs: Beneficiary Designation
Perhaps the largest part of most Americans’ wealth is in their qualified plan or IRA. Planning for these assets is one of the most important parts of the estate plan, for many reasons. This article by my friend and colleague Steve Hartnett, an estate planning expert, will discuss the importance of beneficiary designations. Planning for Retirement Plans and IRAs: Beneficiary Designation … [Read more...] about Planning for Retirement Plans and IRAs: Beneficiary Designation
Special Needs Trusts and the Sole Benefit Rule
When it comes to trust administration that involves special needs trusts, the applicable rules can be complicated and confusing. An important component of administering a first-party special needs trust, for example, is who has been designated the beneficiary of the trust. Depending on who will benefit from items or services purchased by the trust, government benefits can be at risk. When special needs trusts are involved, the sole benefit rule is important and must be considered seriously. The … [Read more...] about Special Needs Trusts and the Sole Benefit Rule
My Daughter’s 24; Does She Need Life Insurance?
It’s wise and prudent to examine the need for life insurance, even if your daughter is only 24. If a tragedy such as death would strike, there are likely final arrangement expenses which average about $7,000, last bills, credit card bills, lease obligations, car payments, and utilities to be paid. In addition, if your daughter has a child or children, mortgage, or spouse, the need for life insurance is greatly increased. In general, life insurance is used to create an estate, pay last … [Read more...] about My Daughter’s 24; Does She Need Life Insurance?
Estate Planning Attorney Explains Capital Gains
The primary goal of making investments is to earn a profit at some point. When it comes time to sell real estate, stocks or bonds, you know that the IRS will want its share of those profits. This profit is referred to by the IRS as your “capital gains,” and the tax the IRS will impose those capital gains can be significant. But, if you have some basic knowledge about how capital gains work and some of the ways you can lower the potential capital gains tax, it is quite possible you could save … [Read more...] about Estate Planning Attorney Explains Capital Gains
Planning for Retirement Plans and IRAs: Asset Protection
Perhaps the largest part of most Americans’ wealth is in their qualified plan or IRA. Planning for these assets is one of the most important parts of the estate plan, for many reasons. This article by my friend and colleague Steve Hartnett, an estate planning expert, will discuss the asset protection of such plans and how a trust may be used to provide asset protection. Planning for Retirement Plans and IRAs: Asset Protection … [Read more...] about Planning for Retirement Plans and IRAs: Asset Protection
What is a Charitable Lead Trust and Why Should I Use One?
Using a charitable lead trust in your estate planning can be a wise move. Charitable lead trusts provide a way for you to give a substantial gift to your chosen charity, benefit from certain tax advantages, and ultimately leave assets to your heirs. It is important to recognize that charitable lead trusts can be complicated estate planning tools to draft, so it is wise to obtain advice from your estate planning lawyers. The definition of a charitable lead trust A charitable lead trust is a … [Read more...] about What is a Charitable Lead Trust and Why Should I Use One?
How the Uniform Transfers to Minors Act Affects a Child’s Inheritance
A very common legal issue that many clients overlook is the fact that a child cannot inherit property directly. Until the age of majority (18 in the state of California), a child cannot inherit property in his or her own name. An adult is required to be the custodian of and manage the property until the child is old enough to manage the property themselves. Our Sacramento estate planning lawyers can answer your questions about estate planning for minors. How children typically inherit … [Read more...] about How the Uniform Transfers to Minors Act Affects a Child’s Inheritance
Selling Real Estate During Trust Administration
As a trustee, you may be required to distribute real property from a trust to a named beneficiary as part of the trust administration process. These types of distributions often come with unique issues requiring certain considerations be made before that real estate is actually distributed. The Northern California Center for Estate Planning and Elder Law can advise trustees about how to handle real estate the appropriate way. What does trust administration involve? Trusts are basically … [Read more...] about Selling Real Estate During Trust Administration
